OVERNITE REPORTS BEST FIRST HALF IN EIGHT YEARS
Overnite Holding Inc., parent company of Overnite Transportation Co. and subsidiary of Union Pacific Corp. reported second-quarter net income of $14.4 million, up 10.9 percent.
Revenue rose 2.2 percent to $331.7 million. Second-quarter 2001 results were pro forma, including results from Motor Cargo Industries, which Overnite acquired. Operating ration was flat, at 94. 5 percent.
For the first six months of 2002, Richmond, Va.-based Overnite reported net income of $23.4 million, up from $21.0 million, on revenue of $636.6 million, compared to $637.1 million for the pro forma second-quarter 2001 results. Operating ratio was 95.5 percent, matching last year-s figure.
Overnite Transportation and Motor Cargo Holdings provides less-than-truckload service both regionally and nationwide.